Goodstone Living, the build-to-rent (BTR) platform set up by Macquarie Asset Management with British real estate industry veterans Darryl Flay and Martin Bellinger, has acquired its first site in Scotland to deliver 338 homes for rent.
Located to the north of Edinburgh city centre on the waterfront in Leith, the 2.5-acre Ocean Drive site includes four mid-rise buildings of between 10 and 14 storeys.
Goodstone Living plans to transform the vacant site into a rental community with over 16,000 sq ft of amenity space including a gym, coworking space, a 24 hour on-site management team and communal rooftops to provide both waterfront and skyline views across Edinburgh.
The site already has a planning consent and Goodstone plans to commence construction this summer.
Underpinning Goodstone’s ESG commitments, the waterside development will target a 50% reduction in carbon compared to current building regulations with 25% of the site given over to affordable housing.
Martin Bellinger, principal at Goodstone Living, said: 'Edinburgh is one of our core markets because of its young, highly educated and growing population, pointing to a deep pool of future talent which is currently undersupplied with quality housing. Our strategy will continue to identify opportunities such as this where an undersupply of quality housing matches with key criteria for growth and further regeneration.'
Goodstone were advised by JLL and Eversheds Sutherland on the transaction.